Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot store last week. Other brands are expected to close boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

In October, the brand's ceo, Gianni Castiglioni, told WWD he was seeking a financial partner to support the company’s growth and retail expansion.

MARNI AND RENZO?: Speculation continues to mount that Renzo Rosso of Only the Brave is in talks with the owners of Marni, the Castiglioni family, to acquire a stake in the Italian brand. In October, Marni’s chief executive officer, Gianni Castiglioni, told WWD he was seeking a financial partner to support the company’s growth and retail expansion. Asked about the rumors concerning Rosso’s interest, which emerged in the summer, Castiglioni attributed them to the long-standing friendship between them. Sources at the time said Rosso was interested in taking a majority stake in Marni, but that Castiglioni was reluctant to relinquish it. Castiglioni and his wife and creative director Consuelo have been at the helm of the company since they founded it in 1994. Through Only the Brave Srl, Rosso controls labels such as Viktor & Rolf and Maison Martin Margiela.

WWD's Ultimate Holiday Gift Guide is brought to you by @styleontherise and is complete with the perfect presents for everyone on your list. Click the link in our bio to start shopping NOW. #WWDHoliday #Sponsored

@rebeccaminkoff is bringing self-checkout to high fashion: The brand has partnered with @queuehop to bring its customers self-checkout options, beginning this holiday season at its SoHo store. (📷: @aurorarosephoto)

It was a big night for Demna Gvasalia at the Fashion Awards 2016 in London: The designer took home the award for international ready-to-wear designer for his work at @balenciaga, while his brand @vetements_official scooped international urban luxury brand. (📷: @giovanni_giannoni_photo)

Despite decades of enforcement, the plague of sweatshops still exists in America: "The sad reality is for workers in this industry there are still incredible problems and workers in this industry are subjected to inexcusable levels of violations of our basic labor standards." - David Weil, The Department of Labor Wage and Hour